Kazakhstan sees manufacturing overtake mining in GDP share

manufacturing
Photo: freepik

Manufacturing has overtaken the mining industry in terms of its share in the GDP of Kazakhstan in 2024, Industry and Construction Minister Kanat Sharlapaev said during the Astana Finance Days 2024 Conference in the Kazakh capital of Astana, Kazinform News Agency correspondent reports.

During the event, the Kazakh minister pointed out that Kazakhstan is interested in attracting investments in rate earth metals and battery technologies for the automotive industry.

Kazakhstan’s non-ferrous metals production has grown 6% year-over-year, which is attributable not only to commodity prices, but also to institutional support and transition to clean energy.

Our country’s legislation is well developed to be convenient for investors. Also, there are a few countries with such a level of supply of natural resources. As for manufacturing, there was an interesting case this year. In fact, manufacturing has overtaken the mining industry in terms of its share in the GDP. This is, indeed, one of the goals, that the country has been pursuing for many years, said Sharlapaev. 

The minister went on to say that for many countries, that have long been commodity exporters, this was unattainable, however, our country has surpassed this threshold this year.

The country has a powerful system to stimulate investments, he said. 

Currently reading
x